TriumphFX Crypto Analysis – Where could cryptocurrencies go from here?


*** Coronavirus fears are driving financial markets. Recession concerns, interest rate cuts and a drop in Oil prices are causing market volatility. Cryptocurrencies are not considered a safe haven in times of crisis, causing downside direction ***

 

BTCUSD – 1 hour

 

Bitcoin is clearly down-trending – price action has formed a series of lower swing lows and lower swing highs and price has been bearish. The moving are bearish and steady, signalling that the downside momentum could continue. BTCUSD is heading toward a key support of higher time-frames (6625), this could be an area of reversal on lower time-frames.

Selling opportunities may exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 7658, 8136, 8510 and 9167. A bearish move could stall or reverse around the key higher time-frame support at 6625.

 

ETHUSD – 1 hour 

 

Price has been bearish and is clearly down-trending. Ether was recently moving within a bearish channel but has broken below the channel support area, signalling the strength of the current trend. The moving averages are bearish and steady, suggesting that the downside momentum may continue. Just like other cryptocurrencies, ETHUSD is nearing key higher time-frame support, which may provide some upside.

Shorting opportunities could exist around the bearish moving averages, around the support and resistance areas of the previous bearish channel and around the horizontal levels at 190, 205, 215 and 241. Price may find support and even reverse around the key higher time-frame support levels at 159 and 122.

 

XRPUSD – 1 hour 

 

Just like other cryptocurrencies, Ripple has been bearish and is down-trending. Price is currently at a key support area though, suggesting that a bullish move could be due. The moving averages are bearish and steady, signalling that the downside direction could continue.

Buying opportunities may exist around the key support area at 0.18. Opportunities to go short may exist around the moving averages and around the horizontal levels at 0.20, 0.2150, 0.2250 and 0.2460.